Page 4 - April 2018

Agencies Finalize Appraisal Threshold rulemaking record of the CRA final rule. The
Increase to CRE Transactions. sections of the correction document are effective as if
they had been included in the “Supplementary
The Board of Governors of the Federal Reserve Information” section of the CRA final rule, effective
System (FRB), the Federal Deposit Insurance 01/01/2018. The notice may be viewed at:
Corporation (FDIC), and the Office of the https://www.gpo.gov/fdsys/pkg/FR-2018-04-
Comptroller of the Currency (OCC) issued a final 10/pdf/2018-06963.pdf. Federal Register, Vol. 83,
rule to amend the agencies’ regulations requiring No. 69, 04/10/2018, 15298-15301.
appraisals of real estate for certain transactions. The
final rule increases the threshold level at or below CFPB Finalizes Amendments to
which appraisals are not required for commercial real Regulation Z.
estate transactions from $250,000 to $500,000. The
final rule defines “commercial real estate transaction” The Bureau of Consumer Financial Protection
as a real estate-related financial transaction that is not (CFPB) issued a final rule amending certain
secured by a single l-to-4 family residential property. Regulation Z mortgage servicing rules issued in 2016
It excludes all transactions secured by a single 1-to-4 relating to the timing for servicers to transition to
family residential property, and thus construction providing modified or unmodified periodic
loans secured by a single l-to-4 family residential statements and coupon books in connection with a
property are excluded. For commercial real estate consumer’s bankruptcy case. The rule is effective
transactions exempted from the appraisal requirement 04/19/2018. The final rule may be viewed at:
as a result of the revised threshold, regulated https://www.gpo.gov/fdsys/pkg/FR-2018-03-
institutions must obtain an evaluation of the real 12/pdf/2018-04823.pdf. Federal Register, Vol. 83,
property collateral that is consistent with safe and No. 48, 03/12/2018, 10553-10559.
sound banking practices. The final rule is effective
04/09/2018. The rule may be viewed at: CFPB Issues Solicitations for
https://www.gpo.gov/fdsys/pkg/FR-2018-04- Applications for Membership of
09/pdf/2018-06960.pdf. Federal Register, Vol. 83,
No. 68, 04/09/2018, 15019-15036. Consumer Advisory Board and Councils.

Agencies Issue Correction to Community CFPB invites the public to apply for membership for
appointment to its Consumer Advisory Board,
Reinvestment Act Regulations. Community Bank Advisory Council, and Credit
Union Advisory Council. Membership of the Board
The Board of Governors of the Federal Reserve and Councils includes representatives of consumers,
System (FRB), the Federal Deposit Insurance communities, the financial services industry and
Corporation (FDIC), and the Office of the academics. Appointments to the Board are typically
Comptroller of the Currency (OCC) issued a for three years and appointments to the Councils are
correction to the final rule on the Community typically for two years. However, the Director of
Reinvestment Act (CRA) regulation published in the CFPB may amend the respective Board and Council
Federal Register on 11/24/2018. The correction charters from time to time during the charter terms,
addresses two additional comments that were timely as the Director deems necessary to accomplish the
submitted but inadvertently not included in the
purpose of the Board and Councils. CFPB expects to

APRIL 2018
1